BUSINESS
'David' Torrent in battle with 'Goliath' hindujas for Rcap buy out
IIHL, a part of Hinduja Group, is the highest bidder with a bid value of Rs 10,000 crore which includes an upfront cash offer of Rs 9,000 crore. In comparison, the value of Torrent's resolution plan is Rs 8,640 crore, which the company bid at the Challenge Mechanism conducted by the COC on December 21, 2022. Hinduja is one of the leading conglomerates with presence in multiple sectors of the economy including finance, automobiles, oil & chemicals, IT, media, power, healthcare, trading etc.
Will markets rally pre-budget now
With gains on just two of the three trading sessions, they could do so much and no more. BSESENSEX gained 360.81 points or 0.60 per cent to close at 60,261.18 points. NSENIFTY gained 97.15 points or 0.54 per cent to close at 17,956.60 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.5 per cent, 0.5 per cent and 0.49 per cent respectively. BSEMIDCAP was up 0.02 per cent while BSESMALLCAP was up 0.26 per cent.
Meta, Microsoft vacating offices in Seattle amid remote work, layoffs
The Seattle Times reported that Meta is reviewing "leases for Seattle-area office buildings." Facebook has confirmed plans to sublease its offices in downtown Seattle and in the Spring District in Bellevue. Microsoft also confirmed that it won't renew its lease at the 26-story City Center Plaza in Bellevue when that lease ends in June 2024, the report mentioned.
G-20's 1st Infrastructure Working Group meeting to discuss infra agenda
The forum will bring together the IWG member countries, guest countries and international organisations invited by India to discuss the 2023 Infrastructure Agenda under the Indian G20 Presidency. The meeting will be hosted by the Department of Economic Affairs, Ministry of Finance, along with Australia and Brazil as the co- chairs.
From being 'mildly terrifying' to doing homework, is ChatGPT a boon or curse?
The chatbot is creating realistic, intelligent-sounding and humorous text in response to user prompts. Thousands of such conversations with the AI chatbot, developed by Microsoft-owned OpenAI -- which has evolved from earlier avatars to a bit more sophisticated one -- are floating around on social media platforms, leaving people amused, entertained, confused as well as alarmed.
Goyal warns of strict action against those found involved in corruption
In his speech, Goyal directed the Secretary, Department of Food and Public Distribution to monitor the transformation of FCI and Central Warehousing Corporation every week and to update him on the status on a fortnightly basis. He said strict action has to be taken against the officials who do not cooperate with or delay the transformation process.
Rural commerce tech platform VilCart raises $18 mn in funding winter
Nabventures Fund and Texterity Private Limited also participated in the round. "VilCart aims to bridge the gap between rural consumers and to the manufacturers/primary market by building a strong network. With the new investment, we aim to scale our operations to the entire South India," said Prasanna Kumar, Founder, VilCart.
HDFC Bank Q3 net at Rs 12,259 cr
According to the HDFC Bank, it has posted a net profit of about Rs 12,259 crore for the quarter ended 31.12.2022 up from Rs 10,342 crore logged in the previous year corresponding quarter. The bank had earned a total income of about Rs 51,207 crore for the period under review up from about Rs 40,651 crore earned during Q3FY22.
US could default on its debt as soon as June
The US will reach the debt limit on January 19 on January 19 and then "extraordinary measures" will need to be taken, Treasury Secretary Janet Yellen wrote in a letter to House Speaker Kevin McCarthy. She said that the Treasury Department will pursue those measures, but they will only last a limited amount of time
'Bank deposits growth trails credit growth'
In a research report, BNP Paribas said that the deposits are generally weak and CASA (current account, savings account) weaker. "With system deposit growth in high single digits y-y, materially trailing credit growth, we expect most deposit growth within our coverage universe to have come from term deposits
Don't Miss
Advertisement